Register Your Project with Punjab RERA - Step-by-Step Guide
Get the ultimate guide on registering your project with Punjab RERA and complying with regulations. #PunjabRERA #ProjectRegistration #RealEstateCompliance
Punjab Real Estate Regulatory Authority (Punjab RERA) was established to regulate the real estate industry in the state of Punjab. The authority aims to bring transparency and accountability to the sector and protect the interests of homebuyers and investors. If you're a developer looking to launch a real estate project in Punjab, registering it with Punjab RERA is mandatory. In this article, we'll guide you through the step-by-step process of registering your project with Punjab RERA and complying with its regulations.
Who needs to register with Punjab RERA?
As per the provisions of the Real Estate (Regulation and Development) Act, 2016, all new and ongoing real estate projects with more than 500 square meters of land or more than eight apartments must be registered with the state's respective RERA authority. Therefore, if you're a developer launching a real estate project in Punjab, you need to register it with Punjab RERA.
Legal requirements for registering a project with Punjab RERA
To register your project with Punjab RERA, you need to fulfill the following legal requirements:
- The developer must be a registered legal entity, such as a partnership firm, company, or LLP.
- The developer must have a valid PAN card.
- The developer must have a bank account in the name of the project.
- The developer must have all necessary approvals and NOCs required for the project.
Documents required for project registration
To register your project with Punjab RERA, you need to submit the following documents:
- Project details such as location, land area, number of floors, number of units, etc.
- Layout and floor plans of the project.
- Sanctioned plan and building plan.
- Certificate from an architect or engineer verifying the project's structural stability.
- Title deed of the land.
- Copy of all necessary approvals and NOCs.
- Copy of the PAN card of the developer.
- Copy of the bank account details of the project.
- Declaration stating that the project is in compliance with RERA regulations.
Step-by-step guide to register your project with Punjab RERA
Follow the steps below to register your project with Punjab RERA:
Step 1: Create an account on Punjab RERA portal
Visit the official website of Punjab RERA and create an account by providing your basic details such as name, email ID.
Step 2: Fill in project details and upload documents
After logging in, fill in the project details such as location, land area, number of floors, number of units, etc. Upload all the necessary documents mentioned above.
Step 3: Make payment for registration fees
Pay the registration fees online. The fee amount depends on the type of project and the area of the land.
Step 4: Submit the application
After completing the above steps, submit the application online. You'll receive an acknowledgment receipt with a unique registration number.
Step 5: Track the status of your application
You can track the status of your application on the Punjab RERA portal using your registration number.
Step 6: Receive registration certificate
Once your application is approved, you'll receive a registration certificate from Punjab RERA.
Compliance with Punjab RERA regulations
After registering your project with Punjab RERA, it's important to comply with its regulations. Some of the key regulations are:
- Depositing 70% of the funds received from buyers in a separate escrow account.
- Providing updates on the progress of the project to buyers and Punjab RERA.
- Adhering to the timelines promised to buyers in the sale agreement.
- Not making any changes to the project plan without the consent of buyers and Punjab RERA.
Penalties for non-compliance with Punjab RERA regulations
Non-compliance with Punjab RERA regulations can attract penalties such as:
- Imprisonment for up to three years.
- Fine of up to 10% of the project cost.
- Revocation of the project registration.
- Inability to launch future projects.
Registering your real estate project with Punjab RERA is a crucial step for developers to comply with the regulations and protect the interests of homebuyers and investors. In this article, we provided a comprehensive guide on the step-by-step process of registering your project with Punjab RERA and complying with its regulations. It's important to understand the legal requirements and submit all the necessary documents to avoid any penalties for non-compliance. By following the guidelines provided by Punjab RERA, developers can gain the trust of homebuyers and investors and contribute to the growth of the real estate market in Punjab.
Note: The information provided in this article about Punjab Real Estate Regulatory Authority is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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